Morris tribune., 1887-09-28

Weekly Review Of Trade as Compiled by
R. q. Qua q Co.-Tishtness I'm Money
Matters ssili Prevailing In the Interior.
h~k K.za~x An nssxa xerA---Thss weeks
Failures.
NEW YORK, Sept 26.-R. G. Dun &
Co = weekly review Of trade says: A sudden
change in the governments policy brings
hopefulness to the local money market. Lis
tening to anxious bankers and operators, and
unable to keep down the surplus through
weekly offers OF ~ per cents, the tr eaSury
proposed late Wednesday night to take $l4,-
900, 900 OF 4 or AZ per cent bonds at named
prices, and $3. 5OO, 900 We re taken on Thurs
dag. The effect on the sentiment OF the
street was exceedingly stimulating l.
bly,, indeed, too much may be expected
Treasury purchases can not entirely remove
the consequences of short crops, harmful
speculation, oyer hasty development, or the
change Of active into fixed capital Wall
street looks for the whole of the $l4, OoO, 600,
but a large part Of the bonds will come from
the interior, and the money will go thither.
Much of It is wanted to meet commitments in
new enterprises, and may be SO absorbed.
The speculative advance in prices, which at
once began, will make money needed
to carry the same stocks or
products The country is now using, out
side the treasury, 81, i,32S, 600 600 of various
kinds Of money, and clear addition Of one
per cent would not go very far. But the
disbursement will not be wholly addition Of
currency to the sum in use, because govern
ment receipts exceed regular expenditures by
81 UO0, 0Ou or more each week. The best OF
it is that the treasury has done, and so may
Be expected to do, whatever it can to avoid
disturbance
While money is instantly made easier in
Wall street, it grows lighter throughout the
interior Effects of absorption Of capital in
building and rapid development are each
week felt more cl early. At Cleveland money
Is very close, more than IS, O0O, 600 having
gone from that city alone In four months for
Investment farther west At Chicago, the
constant demand from country towns cause
a pressure of which no relaxation at present
b expected; that city used to borrow largely
from Boston, but this year Boston has been
investing $50 000, 600 or more in new eastern
railroads, and so scarcity of money
there Is felt severely by those who have been
relying on note brokers Recent failures
Gauss caution at Philadelphia, and single pa
paper can not be negotiated. Former fail
q per cent is commonly paid; at New Or
leans money has not been so tight since the
Grant Ward failure, and a bad failure at
Meridian causes some disheartedness; at Kan
sas City, Omaha, and Milwaukee money is
Close, and from nearly all points collections
,are reported SLOW or sonly fair" The
change Of temper here Is, Of course, not yet
felt at distant points
During the past week the treasury has paid
out a 5N, 600 more than it has taken in, SO
that It's payments exceed It's receipts for the
month by 81, 100 600 Gold continues to ar
rive from Europe, but no more is shipped.
The merchandise exports from New York for
three weeks ara D per cent above last year.
against an increase OF iO1< per cent. in i'm
ports here. It is still the fact that gold
comes only for investment or speculation,
so that encouragement might turn the
tide. At present railroad earnings continue
large. the westbound tonnage in August be-
ing 21S, 100 against 176, 395 tons In 1886, and
the east-bound for three months shows
slight Increase. But the competition of lake
and water routes grows more severe, and
Interstate decisions more embarrassing
Clearings continue to show an increase over
last year, for last week 7.3 per cent. this,
however, includes large payments on ac-
count of building and speculation
Some depression results from recent fail
ures in che iron trade aud from continued
heavy specuIaticrs, and while the bost brands
OF pig are firm, the hsGpy output tends To
weaken other grades. One large orIsr tsof-
rails has been cancelled.
The tendency for the moment Is to advance
prices in all markets on account Of treasury
disbursements, but the shortness Of crops and
the absorption of capital into fixed forms
must still have some influence. Business
failures for United States and Canada the
week number lS3, compared with lS7 for
the corresponding week of 1856.